Thu. Jul 25th, 2024
Online Payment Apps


Online payment is a transaction method in which sellers supply goods or services for electronic cash. In this process, the cash debits from the buyer’s account and deposits to the vendor’s account. Online payments are possible with a debit/credit card or online payment apps. Online payment has contributed a lot to the nation’s growth. It is easier, convenient, saves both buyers’ and consumers’ time, and most importantly, makes the cash handling procedure flexible.

Like coins have two sides, it too has its pros and cons. The invention of this method has increased the cyber crime rate. Let us dig deeper to know more.

How Do Online Payment Apps Gain Popularity?

The best answer to this question is its benefits. However, the Covid crisis played a huge role in its advancement. This contactless payment method was an actual blessing during the pandemic. Per a report from Experian in 2019 the usage of online payment apps was 1 in 10 millennials, whereas in 2023 it is assumed to increase by 1.31 billion. The rise in cashless transactions also forced countries like the US to ban cashless stores.

What Are the Pros of Online Payment Apps?

The advantages of using online payment apps are numerous. Here are listed a few:

  • Easy Cash Handling –

The usage of this method has reduced the load of carrying hard-core money. From the vendor’s perspective, it has made cash storage easy and has eliminated the need for additional staff to handle cash.

  • Aid to Other Industries –

The efficiency of these apps also benefited other industries like eCommerce, traveling, and many more. In Covid time, many sectors were accepting only cashless payments and the best thing is that it charges zero or fewer transaction fees for individuals and vendors.

  • Cleanse Economy –

Digital payment helps authorities track transactions and keep an eye on illegitimate transactions across countries. Tracking physical money was not easy & this encouraged scammers.

  • Reduce Theft Fear –

Carrying physical money threatens the fear of robbery and mugging. In the case of online transactions, payment directly settles into the account and creates a safe society.

  • Shop Internationally –

Getting the taste of international products is impossible with physical money. The shift to online payment apps has made international transactions real. Consumers can access services or goods worldwide with a simple click. 

  • Small Denomination –

Sometimes, paying amounts of small denominations is tricky with physical currency. However, cashless transactions offer payment in small denominations.

What Are the Cons of Online Payment Apps?

Disadvantages also exist with payment apps. Here are a few things to be noted for online payment apps:

  • Slow Fund Transfers –

Higher transaction activity on the server may slow fund transfers. If this happens in an emergency state, it can put one into trouble. There are also conditions when the fund debits from the buyer’s account and doesn’t reach the vendor’s account. If the person is in shortage of physical money, it can give an individual a difficult time.

  • Insufficient Authentication –

Even though the system has taken the necessary steps for safe payment, less focus is given to the authentication part. Biometric and facial recognition options are not available. Hence anyone who knows another person’s secret verification code can access his e-wallet. 

  • Data Breach Leads to Financial Loss –

Strict measures like symmetric encryptions are implemented to ensure safety. Although people may end up transacting on unsafe websites, which may lead to data breach, a security violation where sensitive data is stolen and used for an unethical purpose; this may also cause financial loss. 

  • Uncontrolled Flow of Money –

The easy payment option enhances the impulsive buying tendency, and it may impact one’s planned budget.

  • Saved Payment Option –

Automated payment settings allow individuals to set automatic monthly deductions for certain facilities. If a person is not using the facility anymore and forgets the automatic deduction, the amount still gets deducted.

Which are the Online Payment Options?

One can select online payment apps or credit/debit cards in online payment. A credit card is the best choice if someone wishes for easy access to credit. The RBL credit card payment offers many services.

While selecting online payment apps, try to look for ease of integration and transaction, transparency, support, types of cards permitted, and services. After deciding on the app, download it from the play store or android store and check its functions; for example, install MobiKwik and check available functions to get an idea. In certain mobile wallets, RBL credit card payments are allowed.


All the online applications similar to MobiKwik are attempting to strive for consumers’ expectations. Flaws remain, but it is hard to deny that the invention of online payment is a relief. No matter what, it is always in the consumer’s hands to give more importance to pros or cons.

By admin

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